CUNA continues push for CFPB commission after court ruling

January 31, 2018

The Consumer Financial Protection Bureau (CFPB) structure is constitutional, and its director can only be removed with cause, a U.S. appeals court decided Wednesday. The decision in PHH Corp. v. CFPB erases a lower court ruling that the CFPB’s structure is unconstitutional.

“CUNA maintains that the best leadership structure for the CFPB is a multi-member commission, as recent leadership disputes have shown. Financial institutions and consumers need continuity at the CFPB,” said CUNA President/CEO Jim Nussle. “A leadership commission would have avoided a lot of legal wrangling and provided certainty at an agency that has major influence over the financial services marketplace.”

CUNA filed a joint trades amicus brief in March 2017 on PHH v. CFPB focusing on the non-constitutional issues in the case.

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